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You know that Peter Schiff loves to make a statement about Bitcoin that sparks a debate, and today was no exception. The financial expert took to X to lay out a case that he says has been unfolding right under everyone's nose: Bitcoin (BTC) has been in a bear market for years, but few have noticed because they have been measuring it the wrong way.
Schiff did not talk about Bitcoin in terms of dollars, as most do. Instead, he looked at its value against gold, an asset he has long championed as the ultimate form of money.
Alex DovbnyaBack in 2021, at Bitcoin's peak, one BTC could buy 36.3 ounces of gold. Fast forward to today, and that same BTC is worth 27.7 ounces of gold - a 24% decline, Schiff reveals.
In other words, if gold is the benchmark, Bitcoin has been losing ground for years, despite the volatility and price spikes that often dominate the headlines.
Gold over Bitcoin for Peter Schiff
But for Schiff, this is not just about Bitcoin's decline relative to gold - it is about gold's continued dominance. In his view, gold remains the "apex predator" of financial assets, the real store of value that will ultimately outlast digital competitors like Bitcoin.
He directed this particular thought to Michael Saylor, CEO of Strategy (formerly known as MicroStrategy) and one of the most vocal proponents of cryptocurrency.
The argument is simple: gold has been around for thousands of years, Bitcoin has been around for a little over a decade, and history has a way of proving which assets can truly stand the test of time.
Yuri MolchanSchiff's latest comments come at a time when Bitcoin continues to divide opinion.
While its supporters maintain that it is a hedge against inflation and a revolutionary financial tool, skeptics like Schiff believe that its long-term value proposition is still up for debate and that BTC is more like a beta to tech stocks and a highly risky asset.
Dan Burgin
Vladislav Sopov